Love Austin Homes Investing Blog

I have a lead for a a foreclosure deal going to auction Dec. 5
20K left on mortgage. 100-110K value. Must be experienced working with
bank to bring payments current or pay off before auction. I will
accept 1k finders fee. serious only I’m busy. Thanks

ANSWER

Well, I’ve negotiated about 300 of these deals – does that count as experience?

Give me a call.
Phill

I am wholesaleing a Luxury Home in Argyle, Bartonville,­TX just outside DFW

4 year old appraisal was for $2,300,000 Replacement cost well above this.

tax value is set at $1,900,000

Its about 10,000 sf and sits on 1 acre
Additional 7 acres attached that have an Agricultural tax exemtion and can be subdivided.

Land alone in this area is going for $100,000 an acre

$400,000 into the landscaping alone

I currently have this property under contract and am looking to wholesale it (assignment of contract).

I will look at ALL serious offers. You must be able to close within 2 weeks.

email for more details be sure to include your contact information.

Serious inquiries only.

Jose

ANSWER

Jose,
Can you provide a little more information here?

1) The tax records and old appraisals are academically interesting, but I really need a realtor’s price opinion. Can you tell me what this thing is worth as-is, in the current market?

2) How much are you asking for this?

3) What is the ARV and repairs/remodeling needed?

4) Can you further explain the $400K in landscaping? I’m currently building a $3M home on 3 acres, and am spending far less than $100K for quite extensive landscaping, and pond, that looks to me to be 10 times more extensive than what I see in the aerial picture.

5) Can you tell me more about the features of this home? The pictures don’t look particularly impressive as one might expect from a home worth $2M. Is the value mostly in the land?

Also, I’m sure you are a high-integrity investor, but I just like to remind everyone – to please be honest and realistic when pitching these properties. Anyone seriously considering this (or other deals) is going to do a lot of research before buying, so any spin or exaggeration during the pitching and exploratory phase will only waste everyone’s time and potentially get people angry. For example, if this home only has 10’ ceilings and hollow-core doors, it’s probably not be worth more than $1M depending on the land value, regardless of what an old appraisal says.

I am in the market for high-end deals, by the way…

Regards,
Phill

I need someone to assist in a small development of 4-10 modern/mid-
century modern styled homes.

I’ve gotten two bids but one is way too much ($14 sf) and the other is
a bargain (1.40 sf) but needs a 12 week lead time (too slow)

ANSWER

I highly recommend architect Luciana Misi of Lamme & Misi Urban Studio. 512.535.2024 (office). They have done the design work on a major project for me – they are investor friendly, the work is excellent, the rates are reasonable, and the service is highly responsive.

Phill